Hande Information Refiles Hong Kong IPO Application with Guotai Haitai as Sole Sponsor

Hande Information resubmitted its listing application to the Hong Kong Stock Exchange on July 29, with Guotai Haitai acting as sole sponsor. Citing Frost & Sullivan data, the prospectus states that China's enterprise IT consulting and digital solutions services market reached RMB196.2 billion in 2025, with Hande Information ranking first among Chinese domestic companies with a 1.7% market share. The company's AI-related service revenue grew from RMB22.1 million in 2023 to RMB310 million in 2025.

During the reporting period, the carrying balances of trade receivables and notes receivable remained elevated, amounting to RMB1.203 billion, RMB1.396 billion, RMB1.502 billion, and RMB1.631 billion at the end of each respective period. Loss provisions stood at RMB693 million, RMB717 million, RMB758 million, and RMB777 million, with trade receivables aged over three years reaching RMB544 million. The turnover days for trade receivables, notes receivable, and contract assets were 187, 175, 181, and 209 days, respectively. In the first four months of 2026, net cash used in operating activities was RMB178 million.

During the reporting period, Hande Information recorded losses on 400 projects, totaling RMB133 million. Among these, 106 projects in industrial digital solutions, 128 in financial digital solutions, 122 in ERP consulting and implementation services, and 42 in IT outsourcing services incurred losses.

The technology architecture of Hande Information's enterprise PaaS platform H-ZERO is deeply integrated with third-party commercial software and open-source ecosystems. In 2025, ERP consulting and implementation services, which accounted for 29.7% of total revenue, were primarily based on third-party software suites such as Oracle and SAP. AI technology and cloud-native architecture heavily incorporate open-source foundation models and frameworks. H-ZERO adopts the Spring Cloud microservices architecture, and secondary development based on open-source components poses intellectual property risks.

During the reporting period, Hande Information failed to make full social insurance contributions for certain employees. The total shortfalls in social insurance contributions were RMB37.4 million, RMB59.8 million, RMB43 million, and RMB15.1 million, accumulating to RMB155 million. Under relevant laws and regulations, failure to pay on time may result in fines ranging from one to three times the overdue amount, with a maximum penalty of up to RMB465 million. During the same period, outsourcing expenses were RMB291 million, RMB389 million, RMB520 million, and RMB140 million, with their share of total cost of sales rising from 13.2% to 23.3%.

In January 2017, Hande Information's chairman Chen Diqing mistakenly sold 100,000 A-shares while purchasing company shares, which was identified by the Shenzhen Stock Exchange as short-swing trading and resulted in a regulatory letter. The related profit of approximately RMB74,200 was fully returned to the company. In February 2020, the ChiNext Board Management Department of the Shenzhen Stock Exchange issued a regulatory letter regarding related-party transactions totaling approximately RMB139 million between Hande Information and Shanghai Zhenyun Information Technology Co. , Ltd. and Shanghai Zhenhui Information Technology Co. from 2018 to 2019, stating that the company failed to fulfill prior review procedures and disclosure obligations. Hande Information completed its ChiNext IPO in February 2011, raising net proceeds of approximately RMB760 million, followed by a private placement in February 2016 and a convertible bond issuance in November 2020, raising net proceeds of RMB55.2825 million and RMB923 million, respectively.